Senate unanimously approves increase to State Police retirement AFC rate
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Summary
The Louisiana Senate voted unanimously to pass Senate Bill 11, which raises the maximum allowable AFC rate for the State Police retirement system from 2.5 to 3.5 and ties benefit increases to a prefunded PBI account so the change does not raise unfunded liabilities.
Senator Price presented and the Senate gave final passage to Senate Bill 11, a measure affecting the Louisiana State Police Retirement System. Senator Price said the bill "increases the maximum allowable AFC rate from 2.5 to 3.5" and emphasized that the bill uses the PBI (prefunding) account "to prefund these PBIs, and only offer a benefit increase when sufficient fund exists in the PBI account" so that "there will be no increase in nonfunded actuarial liability."
The bill was put to a roll-call vote and the secretary announced 30 ayes and 0 nays; the presiding officer declared the bill finally passed. The sponsor framed the change as a technical adjustment that preserves fiscal discipline by requiring available PBI funds before benefits increase.
Senate Bill 11 was offered and explained on the floor without extended debate. The statute and title as read to the Senate indicate the measure is enacted in Title 11 and applies to funding mechanisms for benefit increases in the State Police retirement plan. The Senate completed final passage on the day’s calendar and moved on to other items.
The next procedural step is enrollment and transmission to the enrolling authority as required under Senate rules. No amendments to the bill were described on the floor during the explanation and vote.
